When someone buys something from your store, they're not just investing in the product—they're investing in the experience. What happens when that product doesn't meet their expectations?
As a business owner, it's important to know how to process returns and give store credit. But it's also important to make the process as easy as possible for your customers. That's where electronic gift cards come in.
With an electronic gift card, customers can easily and quickly get the store credit they need to make a new purchase. And you can rest assured that they'll be back for more.
Why Processing Returns and Offering Gift Cards Is Beneficial
When customers are happy with their purchase, they're likely to return in the future. However, when they have a negative experience—say, if they have to wait too long to process a return or if they're not given store credit—they're much less likely to come back.
Processing returns and offering gift cards can help offset this revenue loss. It can also improve customer retention and loyalty, resulting in more sales for your business in the long run.
How to Process Returns With Gift Cards
When someone returns an item, you want to make the process as easy as possible for them. One way to do that is by offering store credit in the form of an electronic gift card.
With Square's Point of Sale app, you can easily issue store credit by processing returns to Square Gift Cards. Here's how it works:
1. Select the items you'd like to refund and the amount.
2. Select Gift as the refund method.
3. Enter the email address of the person you'd like to send the refund gift card to.
4. Confirm your selections and send the refund gift card.
It's easy to issue store credit this way, and it makes your customers happy because they can use their credit at any of your locations. Plus, it's a great way to keep them coming back!
Tips for Giving Store Credit With Electronic Gift Cards
When a customer returns an item, the process can be a little confusing if you're not used to it. Do you run the gift card through the system? Issue a refund?
Here are some tips for issuing store credit with electronic gift cards:
1. Make sure you have an electronic gift card processing system in place. This will make it faster and easier for you to issue store credit.
2. If the customer is returning an item that was purchased with a gift card, run the gift card through the system to obtain the store credit amount. This will save you time and hassle in issuing a refund.
3. If the customer is returning an item that was not purchased with a gift card, issue a store credit in the amount of the purchase price. This will also save you time and hassle.
By following these tips, you can streamline your return process and make your customers happy.
What Are the Benefits of Offering Store Credit?
Offering store credit has a lot of benefits. For one, it gives your customers a flexible returns experience. If they don't like something, they can return it and get store credit instead of having to go through the hassle of returning it and getting their money back.
Another benefit is that it eases the revenue loss from returns. Instead of losing out on the sale completely, you can give your customers store credit so they can buy something else from your business. This also helps improve customer retention and loyalty, as they'll be more likely to come back and shop with you again.
Last but not least, research has shown that gift card customers tend to spend more at your business than those who don't have gift cards. So not only will offering store credit help you retain customers and boost sales, but it will also help you increase the average order value.
And with digital eGift cards, it's easy to reload them so your customers can keep using them over and over again.
How to Make Sure Customers Come Back With Gift Card Purchases
When a customer is returning an item, they may not always want a refund. Many times, they'll be happy to take store credit in the form of an electronic gift card.
Here's how you can process a return and give store credit with electronic gift cards:
- In your point of sale app, refund the return to a gift card.
- Offer gift cards for returns and exchanges.
- Make it simple for them to use their eGift card in-store and online.
By making it easy for customers to return items and get store credit, you'll increase the chances that they'll come back and shop with you again.
When customers come back to your store, the holidays are a great opportunity to hold on to their earnings and give them store credit with an electronic gift card. With Square's eGift Cards, you can process returns and give customers the credit they deserve.